Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis.
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As usual, no Daily Crypto News Video on the weekend, if you missed it check out the latest published on Friday October 2nd
🗞 Market Wrap: Bitcoin Rebounds to $10.5K; Stablecoin Market Cap ‘Goes Parabolic’
Bitcoin has performed well in the face of a bleak news cycle while stablecoin assets in the crypto ecosystem continue to grow.
Bitcoin (BTC) trading around $10,515 as of 20:00 UTC (4 p.m. ET). Slipping 0.44% over the previous 24 hours.
Bitcoin’s 24-hour range: $10,362-$10,667
BTC above its 10-day moving average but below the 50-day, a sideways signal for market technicians.
Indeed, BTC/USD open interest on BitMEX, a measure of liquidity on derivatives exchanges, has dropped since the revelation of its legal troubles, going from $589 million just prior to the news Thursday to $461 million as of press time, a 21% decline.
Stablecoins over $20 billion
The total market capitalization of stablecoins has grown from $2.6 billion at the start of 2019 to $20 billion by late September. Tether (USDT), at $16 billion, leads the way, with U.S. dollar coin (USDC) in second at $2.5 billion followed by TrueUSD (TUSD) with a $507 million market cap.
🗞 $420 Million in Bitcoin Flees BitMEX Following Federal Charges
Bitcoin traders continued outflows from BitMEX Friday afternoon.
Federal authorities charged BitMEX on Thursday with failing to provide anti-money laundering safeguards and violations of the Bank Secrecy Act.
The company has continued with normal operations and has vowed to fight the charges
Updated figures from analytics firm Glassnode shows that traders have withdrawn almost double the amount Decrypt reported earlier this morning, for a total of nearly 40,000 BTC since the case was announced Thursday. That’s around $420 million worth of Bitcoin at today’s prices.
Further, open positions on Bitcoin futures contracts on BitMEX have taken a 20% hit, according to data from analytics firm Skew, since news of the indictment broke.
🗞 Bitcoin Miners Saw 11% Revenue Drop in September
Bitcoin miners generated an estimated $328 million in revenue in September, down 11% from August, according to Coin Metrics data analyzed by CoinDesk.
The moderate decrease in revenue came as bitcoin (BTC) stumbled through September, closing the month down 8% after gaining over 25% through July and August.
Revenue estimates assume miners sell their BTC immediately.
Network fees brought in $26 million in September, or just over 8% of total revenue, down 2 percentage points from fees comprising 10% of revenue in August.
Notably, fees as a percentage of total revenue continues a strong upward trend since April after the block subsidy halving in May.
Increases in fee revenue are important to sustain the network’s security as the block reward decreases every four years.
🗞 Technology itself is deflationary, Diginex CEO says
Over the years, technology has improved by leaps and bounds, therefore making life more cost-effective and efficient. Such technological improvements, however, may not save citizens money as intended, due to inflationary efforts, according to Diginex CEO Richard Byworth.
"Technology is just so deflationary on many of our goods and services,"Â Byworth told Cointelegraph in an interview. Diginex stands as a company helping produce framework for blockchain and crypto solutions.
In the years following the 2008 financial crisis, Byworth explained he entered the crypto space looking to protect his capital against inflation. Money devaluation concerns have risen significantly in 2020, in line with COVID-19 prevention measures and various governments' efforts to fix economies struggling as a result of such measures. Countries around the globe continue printing money as a solution. "It's gotten to a point of being frightening," Byworth said.
"If you look at a trend line of monetary expansion over the last 40 years, and then it's a fairly steady line until you hit about 2008. Then the gradient just increases. It gets much steeper, and then suddenly, in April of this year, you have a straight line up that is an increase of 25% on the entire increase that you've seen over that 40-year period — you've seen that in four months."
🗞 Atari Token Scores Bitcoin.com Public Sale in November
The Atari Token will be available in a Bitcoin.com public sale in November.
The token is designed for gaming applications, such as online games and a casino.
Atari has already raised more than $1.5 million through token pre-sales.
Atari has been reborn as a crypto brand, with an Atari Token designed for use in online games and gambling apps, plus a modern Atari VCS game console releasing in November with some built-in crypto hooks.
November won’t only be the launch window for the game system, but also the public sale of the Ethereum-based ERC20 Atari Token. Yesterday, Atari announced that it has partnered with Bitcoin.com to hold the public sale next month, as well as list the Atari Token.
🗞 Daily Crypto Calendar, October, 3rd💰
Unipump (UPP)
"Updates Coming Next Week | various small UI tweaks | simplified group creation | trade list displayed | active groups displayed | ENS..."
P2P (P2P)
"P2P(P2P)will list on EtherFlyer at 2020/10/3 18:00 (HKT)."
Zel (ZEL)
3PM EST - PM UTC. Update on where the project currently is, goals for the future, and announcements.
Pundi X (NPXS)
"On Oct 3 at 10:00 am GMT+8, #PundiX CEO and Co-Founder @zibin and Chief Ecosystem Officer @peko0413 will host a video session..."
NULS (NULS)
New NULS SCO project launching 02 OCT at 23:00UTC you will be able to stake NULS to earn EHT through POCM.
Circuits of Value (COVAL)
"We are pleased to announce that Circuits of Value (COVAL) @circuitsofvalue will be listed on 3rd Oct 2020."
yearn.finance (YFI)
"Trading and withdrawals of #YearnFinance on #Bitfinex will start from 03/10/2020 at 10:00 AM UTC."
Last Updates
"Technology is simply so removable on many of our products and services," Byworth told Quintelegraph in an interview. Designex stands as an organization that helps build blockchain and crypto solute structures.